China:AIA receives insurance licence for Hubei Province

AIA Group has announced that the CBIRC has approved AIA China to begin preparations to establish a new branch in Hubei province of which Wuhan is the capital.

Mr Lee Yuan Siong, AIA Group chief executive and president, said in a statement, “This is an important next step in our geographical expansion strategy in mainland China, following the recent launch of our newest operation in Sichuan province in April.”

Mr Fisher Zhang, AIA China’s CEO, said, “Hubei is strategically located in central China as a major transportation hub of the country, supporting its fast-growing economy. Hubei is also an important centre for higher education in mainland China, providing access to deep talent pools for developing full-time insurance professionals.”

AIA traces its roots back to Shanghai in 1919 and is the first foreign company with a wholly owned life insurance subsidiary in mainland China. It currently has operations in Shanghai, Beijing, Guangdong, Shenzhen, Jiangsu, Tianjin, Hebei and a newly-opened branch in Sichuan.

Source: Asia Insurance Review